1.5bn Litres of Petrol Ready for Distribution, Nigerians Urged to Avoid Panic Buying

NNPC Limited cautioned Nigerians against panic buying, affirming that it has a stock of over 1.5 billion litres of premium motor spirit (PMS), commonly known as petrol.

Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPC Limited, issued this warning in a statement on Tuesday.

He mentioned that the queues observed at various filling stations across the country, including Lagos and Abuja, have significantly reduced. Soneye added that this trend would continue to improve daily in other states as well.

Soneye emphasized, “As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.

In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other states.

The company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.”

He added, “The NNPC Ltd is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives to address hoarding and other unwholesome practices.”

Despite these efforts, queues resurfaced in filling stations amid petrol scarcity, leading to an increase in transport costs.

On April 25, the national oil company attributed the situation to logistics issues, assuring Nigerians that “they have been resolved.”

Additionally, on April 30, NNPC said the ongoing shortfall in the supply of petroleum products would end by May 1.

Festus Osifo, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on May 6, attributed the current petrol scarcity to contractual issues between mother and daughter vessels.